Melbourne’s property price growth has outpaced Sydney’s for the third quarter in a row, according to data from the Australian Bureau of Statistics. Our real estate prices rose 3% over the three months to June, while Sydney had an increase of 2.3%.
With the Sydney market showing subtle signs of a slowdown, Melbourne’s property market continues to perform strongly – as the Reserve Bank noted at their latest meeting. Compared with our northern neighbour, Melbourne’s population is growing faster, homes are selling more quickly, and our auctions are achieving higher clearance rates.
Priced out of the Sydney market, both owner-occupiers and investors are looking to Melbourne as an attractive alternative – due to better affordability and our repeated ranking as the world’s most liveable city.
I’m excited for the upcoming AFL Grand Final which will see our beautiful city showcased on a national stage. And of course, the Spring Racing Carnival is just around the corner too – it’s certainly a fantastic time of year to call Melbourne home!
Across our network we’re seeing low interest rates and first home buyer incentives drive robust buyer activity, particularly in the middle and outer suburbs. Contact your local Greg Hocking office today for a complimentary appraisal of your home’s value in the current market.